If you are considering moving to Port St Lucie Florida you probably want to know what the average home prices are in the area. There are soo many variables do determine the average home prices and in this article I will discuss what most of my buyers / clients are paying in 2023.
New Home VS Resale House
Deciding on a new home or a resale home most people would come to the conclusion that the new home will always cost much higher than a resale home that is older. Well I am here to say this is not always the case when dealing with real estate in Port St Lucie, FL. I see in many cases that a older home sells for more money per square foot than the brand new home which can be due to many improvements the previous sellers added to their homes after they purchased a few years ago.
These improvements can include a fully fenced in back yard, a larger circler driveway, lush landscaping, gutters and many other popular improvements homeowners like to make when buying a home. To hire a fence contractor to fence in the backyard you can easily spend $7,000 – $13,000.00 depending on the type of fence. A larger driveway can cost you approximately $4000.00 – $10,000.00 if you were to hire a contractor depending on the style of design.
Above are just a few instances where an older home has many more improvements that can cause buyers to choose to pay more money for a single family home in Port St Lucie rather than buying a new construction home and then coming out of pocket to add those improvements.
If you were to hire a new home builder to add these options to the home while its under construction and you were comparing apples to apples then the new home would sell for more money. But the truth is most builders are spec builders and they don’t allow buyers to make these improvements until after closing. Its easier to finance the higher purchase amount for most buyers than paying the extra cash after the fact which is another reason why I see some older homes selling for a higher $ per square foot than brand new construction.
Current Homes Prices For New Homes
So lets talk current prices we are seeing for a new home in Port St Lucie as of July 2023. So for most new homes you can expect to pay between $221.00 – $291.00 per square foot on average. These figures vary depending on the size of the lot and which neighborhood in Port St Lucie the home is located in.
So lets say you want to buy a home that has four bedrooms and two bathrooms which roughly 1900 square feet under air or what we call living space, you should expect to pay between $445,000.00 upwards of $505,000.00 for a realistic average currently in the middle of 2023.
Prices For Resale Homes
If you are considering buying an older home or resale home built in 2022 or later you will find actual sales prices can vary drastically compared to a new home in some cases. Below Ill go over what we are seeing as real estate professionals in the current real estate market.
Over the last 90 days the average home sold at $230.25 per square foot which is shocking compared to the price of new homes. The highest sales price per square foot sold at $473.00 and this home was located in the prestigious Tesoro Club which is a private gated golf course community.
Should You Buy A New Home
Another conversation that comes up when talking with clients is whether they should stick to buying a new home or is an older home just as good. Many would argue that an older home would be 50, 60 or 100 years old but what we are dealing with in regards to home owners insurance premiums the newer the better.
Homes built between 2002-2023 would be the most ideal if your finances and budget allow. You will find the lower insurance premiums on the newer homes and once homes start to get older other factors come into play. You should read another article I posted about why insurance premiums are higher for pre-1992 and Hurricane Andrew Homes. The newer homes are built to withstand higher wind speeds and the insurance companies will offer lower premiums on these homes compared to older homes.
New or newer homes in my professional opinion would be the only home I would personally consider buying in Port St Lucie or anywhere within the State of Florida.
Questions About Buying Or Selling A Home?
If you have any questions about buying or selling a home in Port St Lucie Florida or the nearby areas of South Florida I am always available to answer your questions and give you professional and honest advice. You can call me directly at 561.660.0154 or use the contact form below to send me an email.
David J Rogers II
Licensed Real Estate Broker
My name is David Rogers, and I’m a licensed realtor who loves to provide high-level service. Please let me know how I can serve you!